Deloitte: Telecom Executives Plan to Invest Millions in Blockchain Research

The results of a survey conducted by Deloitte show that 40 percent of executives from the Telecom, Media, and Tech (TMT) industry wish to invest millions in blockchain research in the near future.

Published Tuesday morning, the results of the survey – included in a report from the firm’s Center for Technology, Media, and Telecom – show how the blockchain technology can be applied across sectors in the TMT space.

The researchers behind the findings surveyed 1053 executives in 7 different countries, out of which 180 were from TMT firms. The researchers found that about 84 percent of the total respondents believe that “blockchain will broadly scale and reach mainstream adoption”.

According to the report, roughly about 59 percent of the respondents believe that blockchain has the potential to disrupt their respective industries, and 29 percent said they had already joined a blockchain consortium.

Furthermore, the findings by Deloitte suggest that the overall interest in the nascent technology has grown exponentially. In its report, the firm predicted that revenue for blockchain firms has a good possibility to grow from $340Mln in 2017 to as much as $2.3Bln in a couple of years.

The report by the firm featured other data points highlighting some figures on the financing side of things. For example, in the first 6 months of 2018 alone, blockchain startups have received funds from venture capitalists to the tune of $1.3 billion.

The researchers also found that many developers are also looking into blockchain technology, stating that since 2009, the number of blockchain-based projects on GitHub, an open-source development platform, has grown exponentially.

According to the firm, in 2016 alone, developers produced more than 27,000 blockchain projects.

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